IMF sticks to 6.9pc growth projection

International Monetary Fund has retained its previous projection about Bangladesh’s economic growth at 6.9 per cent for the current fiscal year 2016-17. The projection is also much below the government’s estimation of 7.2 per cent for the year while a little bit higher than the World Bank’s forecast at 6.8 per cent. Earlier on October last year, the IMF estimated that Bangladesh economy would grow by 6.9 per cent in FY 2017. In its latest report on World Economic Outlook (WEO) released on Tuesday, the global lending agency also said that the country’s economy grew by 6.9 per cent in the last FY 2015-16, lower than the government estimation at 7.11 per cent. The IMF also projected growth of gross domestic product (GDP) at 7 per cent for the next FY 2017-18 as well as FY 2022. WB on Sunday in its report titled South Asia Economic Focus : Globalisation Backlash forecast that Bangladesh GDP growth would fall to 6.8 per cent in the current fiscal year from 7.11 per cent a year ago.The WB, however, forecast a 6.4 per cent GDP growth for the country for the next fiscal year. The WEO also said that economy of the emerging and developing Asia, under which Bangladesh has been categorised, would grow on an average 6.4 per cent in the current fiscal year. With buoyant financial markets and a long-awaited cyclical recovery in manufacturing and trade underway, global economy was projected to rise to 3.5 per cent from 3.1 per cent a year ago in FY 2016, the report said.